巴菲特和芒格的“不老”投資箴言

新浪財經訊 北京時間12月2日晚間消息，不管你是剛剛開始投資，還是從事結構化衍生品工作，《巴菲特股東信》都值得一讀，以下為本書的一些精彩內容。

On Nailing It

談搞定交易

“近似的正確好過精確的錯誤。 ”

“It is better to be approximately right than precisely wrong”

On Chasing

談投資跟風

“What the wise do in the beginning, fools do in the end”

“聰明人起頭，傻瓜結尾。”

On Accounting Shenanigans (1/10,000)

談財會把戲

“如果期權不是一種報酬，那是什麼？如果報酬不是一種費用，那是什麼？如果費用不計入財報，那到底該怎樣對待？”

“If options aren’t a form of compensation, what are they? If compensation isn’t an expense, what is it? And, if expenses shouldn’t go into the calculation of earnings, where in the world should they go?”

On Declining Share Prices

談股價下跌

“總體看，伯克希爾及其長期股東受益於股市下跌，就像購買食品的普通人受益於食品價格下跌。因此，當股市下跌時——這時不時就會發生——不要恐慌也不要哀痛，這對伯克希爾是好消息。”

“Overall, Berkshire and its long-term shareholders benefit from a sinking stock market as much as a regular purchaser of food benefits from declining food prices. So when the market plummets- as it will from time to time- neither panic nor mourn. It’s good news for Berkshire。”

On Management

談管理

“對於管理層在首次公開募股時表示或暗示公司股價被低估，這通常意味他們要麼沒有公開全部事實，要麼就是在浪費現有股東的錢。”

“Managements that say or imply during a public offering that their stock is undervalued are usually being economical with the truth or uneconomical with their existing shareholders’ money”

“我們希望我們的管理人員思考有用的事情，而不是思考如何修飾財務報告。”

“We want our managers to think about what counts, not how it will be counted”

On Executive Compensation

談高管薪酬

Getting fired can produce a particularly bountiful payday for a CEO. Indeed he can “earn” more in that single day, while cleaning out his desk, than an American worker earns in a lifetime of cleaning toilets. Forget the old maxim about nothing succeeding like success: Today, in the executive suite, the all-too prevalent rule is that nothing succeeds like failure。

CEO被裁掉還能獲得大筆收入，實際上他被裁那天清理辦公桌‘賺的錢’超過美國勞動者清理衛生間一輩子賺的錢。忘掉那句古老的格言：“一事成功事事成功”吧。如今，在公司管理層中，風靡一時的定律是：“一事失敗事事成功”。

On Efficient Markets

談有效市場

“1970年代初，大多數機構投資者在決定股票買賣價格時，認為公司價值無關緊要。這在現在很難想象。然而這些機構受到當時知名商學院教授的影響，他們有一種很時髦的理論：股市有效，因此估算公司價值——甚至考慮這個問題本身——在投資中不再重要。(我們非常感謝這些學術精英：在智力競賽中，不管是橋牌、象棋還是選股，對手被教導思考是浪費精力，沒有什麼比這更能讓你占便宜了。)”

“Most institutional investors in the early 1970s, on the other hand, regarded business value as of only minor relevance when they were deciding prices at which they would buy or sell. This now seems hard to believe. However, these institutions were then under the spell of academics at prestigious business schools who were preaching a newly-fashioned theory: the stock market was totally efficient, and therefore calculations of business value- and even thought, itself- were of no more importance in investment activities. (We are enormously indebted to those academics: what could be more advantageous in an intellectual contest- whether it be bridge, chess, or stock selection- then to have opponents who have been taught that thinking is a waste of energy?)

On EBITDA

談息稅折舊攤銷前利潤

“大肆宣揚EBITDA極其有害。使用EBITDA意味僅僅因為折舊費用是一種“非現金”減計，就可以把折舊不作為一種真實的費用。這完全是胡扯。實際上，折舊是一項特別不引人注目的費用， 因為和折舊相關的現金支出早在取得的固定資還未為企業獲利之前就已經預先支付。想像一下，如果你願意，今年年初就預先支付公司所有員工未來十年工作的所有薪酬，那麼，在接下來的9年，薪酬將變成非現金支出，作為今年已經預先支付現金買入的資的折舊。在這種狀況下有誰會爭論從第2年到第10年這9年賬上所記錄的折舊費用只不過是記賬形式而已？”

“Trumpeting EBITDA is a particularly pernicious practice. Doing so implies that depreciation is not truly an expense, given that it is a “non-cash” charge. That’s nonsense. In truth, depreciation is a particularly unattractive expense because the cash outlay it represents is paid upfront, before the asset acquired has delivered any benefits to the business. Imagine, if you will, that at the beginning of this year a company paid all of its employees for the next ten years of their service. In the following nine years, compensation would be a “non-cash” expense- a reduction of a pre paid compensation asset established this year. Would anyone care to argue that the recording of the expense in years two through ten would be simply a bookkeeping formality?”

On Reading

談讀

“芒格和我喜愛報紙，我們每天讀五份。”(谷雲)

“Charlie and I love newspapers- we each read five a day。